Like many people who had never been in a start-up, I created a checklist of items:
1. Launch your idea
2. Office in converted warehouse space or cool mansion
3. Wear jeans to work (with expensive shirt)
4. Finally get to use a Mac at work
5. You have a great team who all left high-paying gigs to join
6. Burn former policy manuals in the fireplace (of course, your office has one)
7. Make millions
8. Go on book tour after you write a book on how to start a business
Okay, I have started my own firm and am involved in two other early stage firms as their CFO. The only one that is true is #1. The rest is just tough work to make #2-#8 become a reality (okay #8 might be a stretch).
Start ups are very tempting due to all of the potential upside. But trust me, you and your team do everything. It’s not just you don’t have an IT department when your computer or phone go haywire, etc. Actually, it’s worse; there is no infrastructure at all and in most cases don’t have the money to build one. So you are CXO of….a good idea… the rest you build with money you convinced someone to give you.
Start ups are addicting, because as founders/early employees, you believe that you will change the world. You are willing to trade security, higher pay, benefits, etc. for the chance to make your mark.
They are also a major lifestyle change and as likely to fail as my first marriage (which is a three beer story). A good idea without funding is still a good idea, but now it does not have a company.
My best recommendation is to pick up a book on Start-ups, like “Art of the Start” by Guy Kawasaki. Just to make sure you can live the lifestyle.
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